Riverstone Reports 38 Metres Grading 5.6 g/t Gold From Karma
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/01/11 -- Riverstone Resources Inc. (TSX VENTURE: RVS)(OTCQX: RVREF)(FRANKFURT: 3RV) is pleased to report exceptional results from two diamond drillholes on the Company's Karma Project in Burkina Faso, West Africa. (See Map and Section on website: http://www.riverstoneresources.com/s/Maps.asp?ReportID=460008). Significant results include intercepts of 38 metres grading 5.60 g/t gold, and 36 metres grading 4.61 g/t gold. The two holes are part of an on-going diamond drill program designed to test the down plunge of high-grade 'shoots' within the Goulagou II zone of the Karma Project. Two additional holes have been completed. Results are pending and will be reported when received.
'We are very pleased with the results of these initial holes,' commented M.D. McInnis, President and CEO of Riverstone Resources Inc. 'The geologic model developed during our recent resource estimate identified several high-grade shoots within the Goulagou II zone, and these results have supported this interpretation. We are particularly encouraged by the stacked nature of the mineralized lenses. Both drill holes have several thick, well-mineralized intervals. We now have six drills under contract and are planning a program of a minimum of 90,000 metres of drilling on the Karma deposit.'
Significant intercepts are reported in the table below. Interpreted true widths range from 50% to 70% of drilled lengths. Core recoveries are good to excellent (all in excess of 80%, mostly 100%).
Interval (m) Intercept Average
Hole number From To (metres) Grade (g/t Au)
GLG-DD-11-011 74 112 38 5.60
including 82 92 10 8.51
and 132 146 14 2.92
including 138 144 6 6.23
and 162 190 28 2.39
including 172 180 8 5.12
and 222 228 6 1.98
GLG-DD-11-012 24 26 2 3.65
and 56 90 34 1.73
including 58 72 14 2.76
and 188 196 8 3.68
and 202 238 36 4.61
including 216 236 20 7.25
The Goulagou II zone is part of the Company's Karma deposit which hosts a NI 43-101 compliant gold resource of 810,000 ounces of gold in the indicated category and 1,119,100 ounces in the inferred category (see news release dated February 28, 2011). The Goulagou property is subject to an Option to Purchase agreement with Golden Star Resources Ltd.
Riverstone maintains a quality control program involving the use of repeat assays, inserted blanks and the use of certified standards from an accredited Canadian laboratory. All core samples were assayed using standard fire assay with atomic absorption techniques, with samples grading over one gram gold per tonne re-assayed with a gravimetric finish, at the independent Abilab Burkina SARL laboratories in Ouagadougou, Burkina Faso, which is part of the ALS Chemex group.
Riverstone Resources Inc. is active in gold exploration in Burkina Faso, West Africa, where the company holds an extensive portfolio of six high quality exploration projects covering 2,300 square kilometres. For further information about the company and its activities, please refer to the company's website at www.riverstoneresources.com and under the Company's profile at www.sedar.com.
ON BEHALF OF THE BOARD
Michael D. McInnis, P. Eng., President & CEO
Paul G. Anderson, P. Geo. is a Qualified Person for RVS and has reviewed and approved the contents of this release.
Certain statements made and information contained in this news release and elsewhere constitutes 'forward-looking information' within the meaning of the Ontario Securities Act. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development results will not be consistent with the Company's expectations, accidents, equipment breakdowns, title matters and surface access, labour disputes, the potential for delays in exploration activities, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, failure to obtain adequate financing on a timely basis and other risks and uncertainties, including those described under Risk Factors in each management discussion and analysis. In addition, forward-looking information is based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour and that the political environment within Burkina Faso will continue to support the development of environmentally safe mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Riverstone Resources Inc. - Vancouver Office
Michael D. McInnis
President
604-801-5020
Riverstone Resources Inc.
Raju Wani
Investor Relations
403-240-0555
Riverstone Resources Inc.
Ron Cooper
Investor Relations
604-986-0112
Riverstone Resources Inc.
Don Mosher
Corporate Development
604-685-6465
info@riverstoneresources.com
www.riverstoneresources.com